Shorter Duration

Short Income

Portfolio Managers

Todd Copenhaver CORPORATE CREDIT Merganser Boston MA
Todd B. Copenhaver, CFA

Industry: 2007
Merganser: 2013

David Fishman Deputy Chief Investment Officer Merganser
David H. Fishman, CFA

Industry: 1999
Merganser: 2016

Strategy Overview

Investment Objective

  • To generate an attractive level of current income while limiting interest rate risk

Investment Strategy

  • Through sector rotation and security selection decisions, we seek to generate consistent excess returns in all market environments
  • Use the index as a proxy for duration, not market weightings, and opportunistically position the portfolio based on cross sector relative value
  • Leverage our boutique size by focusing on less crowded areas of the fixed income market, including those not included in the index
  • Control for risk at the security, sector and portfolio level

Product Inception Date August 2019
Primary Benchmark Bloomberg 1-3 Year Gov/Credit
Vehicle(s) Multiple Offerings
Strategy Type Active Fixed Income
Typical Sector Ranges
Treasuries & Cash* 0% - 15%
Agencies 0% - 5%
Credit 25% - 55%
RMBS 0% - 10%
CMBS 10% - 30%
ABS 10% - 35%

*Includes cash, receivables and payables.